Europe Hotel Transactions Bulletin - Week Ending 17 January 2020
The Imperial London Assets, the Walduck family's investment firm, has reportedly acquired the 316-room Holiday Inn Bloomsbury in London from Vivion Investments for approximately £90 million (£285,000 per room). Located in central London, the hotel was acquired by Vivion in 2018 as part of a 22-hotel portfolio of Holiday Inn properties. The new sale price is reportedly 36% above the amount that Vivion allocated to the subject hotel when they acquired the portfolio. The Walduck family have been involved in the hospitality industry for several generations and already own nine hotels in London.
UK-based insurance company Aviva Investors has agreed to forward-fund a 400-room Premier Inn hotel, in London's Docklands area, adjacent to the Westferry DLR station near Canary Wharf. Scheduled to open in Q1 2022, the property is being developed by Rockwell, with the reported purchase price being £106 million (£265,000 per room). With the 30-storey tower being part of a larger mixed-use scheme that includes 66 new homes, the hotel will be Premier Inn's largest hotel in London, and will be leased by the operator under a 30-year, index-linked lease contract.
Berlin-based investment manager Capital Bay has acquired the 81-room Park Inn by Radisson Munich Frankfurter Ring in Munich from local developer Nunn Group. Located in the vicinity of a number of BMW offices, the buyer plans to redevelop the property into micro-living residential use.
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